Start a New Financial Year- Balance brought over to New year not right

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Start a New Financial Year- Balance brought over to New year not right

Hi ,

 

I  had just done for the year end closing by start a new finacial year; once done , I generate the balance sheet report to compared to last year and noted the most of the account balance in the last year  column was wrong .  How can I rectify ? Did I missed out any steps ? 

 

Need helps.  Thanks in advance. 

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Start a new financial year-Balance brought over to New year are not right

Hi ,

 

I  had just done for the year end closing by start a new finacial year; once done , I generate the balance sheet report to compared to last year and noted the most of the account balance in the last year  column was wrong .  How can I rectify ? Did I missed out any steps ? 

 

Please help.  Thanks in advance. 

 

 

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MYOB Moderator
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MYOB Moderator
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Re: Start a New Financial Year- Balance brought over to New year not right

Hi @hjt_hew 

 

I'm sorry that no one has replied to you yet. So that I can better assist can you please let me know what software you are using and your serial number?

 

If you are using AccountRight this is what happens automatically in the software:

  • The monthly totals for all accounts are changed to last year categories. If last year amounts already existed, those amounts will be replaced.
  • The balance of your current-year earnings account is transferred to your retained earnings account.
  • The balances of your income, cost of sales, expense, other income and other expense accounts are returned to zero.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Cheers,
Tracey
Previously @bungy15

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